109B. Transmission
of shares.—(1) Any person who becomes a nominee
by virtue of the provisions of section 109A, upon the production
of such evidence as may be required by the Board and subject
as hereinafter provided, elect, either—
(a) to be registered himself as holder of the share, or debenture,
as the case may be; or
(b) to make such transfer of the share or debenture, as the
case may be, as the deceased shareholder or debenture-holder,
as the case may be, could have made.
(2) If the person being a nominee, so becoming entitled,
elects to be registered as holder of the share or debenture,
himself, as the case may be, he shall deliver or send to the
company a notice in writing signed by him stating that he
so elects and such notice shall be accompanied with the death
certificate of the deceased shareholder or debenture-holder,
as the case may be.
(3) All the limitations, restrictions and provisions of this
Act relating to the right to transfer and the registration
of transfers of shares or debentures shall be applicable to
any such notice or transfer as aforesaid as if the death of
the member had not occurred and the notice or transfer were
a transfer signed by that shareholder or debenture-holder,
as the case may be.
(4) A person, being a nominee, becoming entitled to a share
or debenture by reason of the death of the holder shall be
entitled to the same dividends and other advantages to which
he would be entitled if he were the registered holder of the
share or debenture except that he shall not, before being
registered a member in respect of his share or debenture,
be entitled in respect of it to exercise any right conferred
by membership in relation to meetings of the company:
Provided that the Board may, at any time, give notice requiring
any such person to elect either to be registered himself or
to transfer the share or debenture, and if the notice is not
complied with within ninety days, the Board may thereafter
withhold payment of all dividends, bonuses or other moneys
payable in respect of the share or debenture, until the requirements
of the notice have been complied with.
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